Real estate investors in Calgary continue to find opportunities, even in today’s market.
The boom days are long gone. No longer can you hold onto a property for a few months without doing any work and realize gains of tens of thousands, or even hundreds of thousands of dollars. And I’m not exaggerating those gains.
Again, from properties that sold during the past month and half – take a look at those that also had sales in 2005 & 2006:
2005 to 2006 price change
In those days multiple bids above asking was becoming the norm with buyers lining up outside the home to present offers. Crazy.
While the market isn’t anywhere as hot as it was then, investors with a keen eye and willing to put some time and money into a property can still make some money.
For the purpose of this post, I will be using examples of properties that have sold between February 18-March 29, 2011 that had a previous sale sometime during the last year.
The following are the 5 top properties with the largest percentage gain during that time period.
Elbow Park
This Elbow Park home was sold this month for $2,560,000. It last sold for $1,450,000 in April 2010. (+43.36%, +$1,110,000)
Falconridge
A Falconridge home sold for $280,000 earlier this month. It was purchased for $180,000 in September of last year. (+35.7%, +$100,000)
Brentwood
This Brentwood bungalow sold for $605,000 on March 10th. It previously sold for $394,000 on January 28, 2010. (+34.9%, +$211,000)
Hillhurst
This two and a half storey home located in Hillhurst sold for $800,000 this month. It last sold in August 2010 for $540,000. (+32.5%, +$260,000)
Penbrooke
This attached home in Penbrooke sold last week for $197,000. It previously sold for $135,900 in October 2010. (+31%, +$61,100)
And below are the rest during the same time period with gains of at least 15%
(click to enlarge)
Of course what these figures don’t take into account are actual renovation costs and other expenses such as carrying costs, agent and lawyer fees, etc. But it does show that, at least on the surface, real estate investors are still finding ways to turn a profit in Calgary today.
